DataMarkets & Economy

Low inventory pushing Chicago suburbs closer to sellers

Days on market and inventory drops in suburban markets moving prices upward, report says
  • In July, month-to-date, the median sale price in the 200 Chicagoland communities covered was $260,000. The year-to-date median sale price was $242,500.
  • Days on market in July dipped 8.1 percent annually, to 80 days.
  • The biggest gain in median price in July year-to-date was in Melrose Park, where prices increased 50 percent.

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The housing market in the Chicago suburbs is ending the summer on a high note, according to new data released by Midwest Real Estate Data and Mainstreet Organization of Realtors (MORe). Measuring data from 200 surrounding communities in the Chicagoland area, the July housing data covers DuPage, Lake and suburban Cook counties. The low inventory of homes in the suburban communities have helped to propel housing prices and sway the market in favor of homesellers, the report says. “The spring uptick in sales occurred early this year – in February – when we saw a greater number of houses come onto the market then. As a result, our inventory in July this year is lower than in years past,”  MORe President Lynn Madison said in a statement. In the entire area covered, the median sales price of a home increased 6.6 percent annually to $260,000 in July. Fueled by falling inventory, homes are coming off the market quicker. The days on market was 80 days, down 8.1 percent ov...